Housing prices, living costs, and affordability. These are all hot topics in recent times. Wigan is no different. For any prospective property buyer, having all the information possible before making any decisions is incredibly important. Luckily, you’re in the right place. In this article, we’ll take a look at the factors affecting demand for housing and the overall cost of housing in Wigan.
Demand for housing in Wigan
Over the last ten years, property prices in Wigan have increased by 19%. Go back 20 years, and property prices are now up by 116%. Incredible, right?
But what is behind this rise in property prices in Wigan?
Wigan, located in Greater Manchester, offers a strategic position that attracts both commuters and residents seeking a peaceful lifestyle with the option of city-like amenities. Wigan offers the best of both worlds, with great amenities while still providing fantastic accessibility to other major cities by road or rail.
Additionally, the local economy and employment opportunities also play a significant role in housing demand. Wigan boasts a diverse economic landscape, with sectors such as manufacturing, healthcare, retail, and education contributing to the interest that it has received. Don’t forget that cities like Bolton and Manchester are close by, providing even more opportunities.
A thriving job market can lead to increased demand for housing, influencing prices.
Meanwhile, the population size in Wigan continues to increase. In fact, data indicates that the population was 318,700 in 2012, which increased to 329,800 in 2021.
This is also another factor which will continue to fuel the demand for property in Wigan.
But just how much is the demand for property in Wigan? A great way to quantify this is by looking at the time it takes to sell a property. Currently, data shows that a property will sit on the market for 122 days before it is sold. That’s about four months.
The cost of housing in Wigan
As mentioned above, the cost of housing in Wigan has been steadily increasing year on year. So how does this affect your affordability? Luckily, the cost of housing differs by the type of property, which can highlight what type of property will be most affordable for you. Take a look below:
Cost of houses
The average price of properties in Wigan is currently:
- Detached: £339,000
- Semi-Detached: £187,000
- Terraced: £127,000
Additionally, the age of the property can make a significant difference in the asking price. Currently, the average property price for a newly built property is £236,000, while an established property costs around £181,000.
Cost of flats
For smaller families, flats can be a more attractive option than a house, not least due to factors such as energy bills. The average property price for a flat in Wigan is currently around £106,000, making it the most affordable property type in Wigan.
Cost to Rent
Some people may need to rent a property as it may make more financial sense. It is becoming increasingly popular. In fact, Wigan alone has recorded a 275% increase in the number of households privately renting since 2001.
The average rent for a flat in Wigan is £1,150 a month, while a house is cheaper at around £800. Bear in mind that these averages are based on the current market and are subject to change.
The cost of living in Wigan
Now that we’ve discussed housing prices, another important factor is the overall cost of living. Wigan is definitely cheaper than living in a city like London. However, the cost of living has impacted every town or city in the UK in some way over recent times. Factors such as inflation, the risk of recession, and the overall economic climate have clouded Wigan in the same manner as the UK as a whole.
Energy bills are another major factor when looking at the cost of living. It’s hard to pin down an exact figure for costs such as heating and lighting, as prices have changed drastically over the past year or two. However, it’s fair to say that Wigan has also been affected, and the rise in costs will be similar to many other cities and towns in the UK.
Council tax is another important factor in the cost of living. It is calculated based on the overall value of your property. Currently, the tax bands range from the cheapest at £1,423.95, while the most expensive for properties worth over £320,000 is £3,661.62.
In conclusion, the cost of housing in Wigan has experienced a steady increase over the years, driven by factors such as its strategic location, diverse economic landscape, and growing population. This is likely to continue to some degree. When considering the overall cost of living, Wigan is generally more affordable than major cities like London, but it has not been immune to the impact of inflation and economic factors. Speaking of which, the current economic climate is uncertain, and the housing market may yet be affected further.
If you’re looking to sell a house fast in Wigan, we can help. Rather than waiting an average of four months, we can provide you with a 100% cash offer based on the market value of your home in as little as seven days. This means you don’t need to worry about the condition or location of your property affecting the price. Instead, you can expect an efficient service. Simply get in touch to receive your free cash offer.
